Zimbabwe Slowly Ditching The RTGS Dollar

4 years agoMon, 03 Jun 2019 22:59:47 GMT
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Zimbabwe Slowly Ditching The RTGS Dollar
The Zimbabwean quasi-currency, the RTGS dollar has been losing value since its introduction in February. This has resulted in ever-increasing inflation which has been ranked the second highest in the world in 2019 by the International Monetary Fund (IMF) recently.


When it was introduced, the currency was pegged at a 1 as to 1 ratio which the central bank, the Reserve Bank of Zimbabwe has since shun after proving to be unrealistic. It is currently traded at around 1: 8 on the parallel market whilst the Old Mutal Implied Rate (OMIR) has since reached around 9.9 per every US$.

Resultantly, many businesses including government departments have resorted to pricing their goods and services in US dollars. Those who have maintained the RTGS for transactions have on a daily basis been increasing their prices.

Among other Government Departments that have recently started charging using the inter-exchanged rate or US dollar, there is the Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement and the National Railways of Zimbabwe (NRZ)

The following is the full statement by the NRZ to its customers:

Usanetseke neNetOne airtime.

Baya *405# utenge neEcoCash

The Treasury has however issued a statement instructing all government departments to revert to using the local currency until further notice.

More: The Independent



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